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CMK Sells JV Stake to Sumitomo Bakelite
January 4, 2008 |Estimated reading time: Less than a minute
TOKYO CMK Corp. sold its 49% interest in Malaysian PCB materials manufacturer SNC Industrial Laminates Sdn Bhd to Sumitomo Bakelite Co., reports The Nikkei Business Daily.
Established in 1990 as a joint venture between CMK and Sumitomo Bakelite, SNC Industrial Laminates manufactures materials for single-sided printed circuit boards used in white appliances. Its earnings have been under pressure due to rising raw material costs and the entrance of Chinese manufacturers into the business.
CMK says its business dealings with the Malaysian company will not change.As a result of the sale, it will book a 1.8 billion yen extraordinary charge for the year ending March 2008.
In a bid to improve earnings, CMK is looking to focus on circuit board production, while Sumitomo Bakelite specializes in raw materials. In September, the companies ended their capital relationship in a joint venture in Singapore that produces circuit boards, with CMK buying Sumitomo Bakelite's shares.